MACKINAC FINANCIAL CORPORATION FORM OF RESTRICTED STOCK AWARD AGREEMENT
Exhibit 10.6
MACKINAC FINANCIAL CORPORATION
2012 INCENTIVE COMPENSATION PLAN
FORM OF RESTRICTED STOCK AWARD AGREEMENT
Mackinac Financial Corporation, a Michigan corporation (the “Company”), as permitted by the Mackinac Financial Corporation 2012 Incentive Compensation Plan (the “Plan”), hereby grants to the individual named below (the “Participant”), a Restricted Stock Award (this “Award”) for the number of shares of the Company’s Common Stock set forth below (the “Restricted Stock”), subject to the terms and conditions of the Plan and this Restricted Stock Award Agreement (this “Agreement”).
Unless otherwise defined in this Agreement, capitalized terms used in this Agreement shall have the meanings set forth in the Plan. The term “Service Provider” as used in this Agreement means an individual actively providing services to the Company or a Subsidiary of the Company.
Participant: | |
Date of Agreement: | |
Grant Date: | |
Number of Shares of Restricted Stock in Award: | |
The Company retains the right to accelerate the vesting and issuance of all or a portion of the shares of Restricted Stock subject to this Award.
PRIMARY BENEFICIARY(IES)
| Name | % | Address |
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(a) | ___________________________ | ____ | ____________________________ |
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(b) | ___________________________ | ____ | ____________________________ |
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(c) | ___________________________ | ____ | ____________________________ |
CONTINGENT BENEFICIARY(IES)
| Name | % | Address |
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(a) | ___________________________ | ____ | ____________________________ |
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(b) | ___________________________ | ____ | ____________________________ |
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(c) | ___________________________ | ____ | ____________________________ |
In the absence of an effective beneficiary designation, the Participant acknowledges that any rights under this Award which survive the Participant’s death shall be rights of his or her estate.
Signature Page Follows
This Agreement may be executed in two or more counterparts, each of which is deemed an original and all of which constitute one document.
MACKINAC FINANCIAL CORPORATION
Dated: ____________ | By: Name: Title: |
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THE PARTICIPANT ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS RESTRICTED STOCK AWARD AGREEMENT, NOR IN THE MACKINAC FINANCIAL CORPORATION 2012 INCENTIVE COMPENSATION PLAN, WHICH IS INCORPORATED INTO THIS AGREEMENT BY REFERENCE, CONFERS ON THE PARTICIPANT ANY RIGHT WITH RESPECT TO CONTINUATION AS A SERVICE PROVIDER OF THE COMPANY OR ANY PARENT OR ANY SUBSIDIARY OR AFFILIATE OF THE COMPANY, NOR INTERFERES IN ANY WAY WITH THE PARTICIPANT’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE PARTICIPANT’S SERVICE PROVIDER RELATIONSHIP AT ANY TIME, WITH OR WITHOUT CAUSE AND WITH OR WITHOUT PRIOR NOTICE.
BY ACCEPTING THIS AGREEMENT, THE PARTICIPANT ACKNOWLEDGES RECEIPT OF A COPY OF THE PLAN AND REPRESENTS THAT THE PARTICIPANT IS FAMILIAR WITH THE TERMS AND PROVISIONS OF THE PLAN. THE PARTICIPANT ACCEPTS THIS RESTRICTED STOCK AWARD SUBJECT TO ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THE PARTICIPANT HAS REVIEWED THE PLAN AND THIS AGREEMENT IN THEIR ENTIRETY. THE PARTICIPANT AGREES TO ACCEPT AS BINDING, CONCLUSIVE AND FINAL ALL DECISIONS OR INTERPRETATIONS OF THE COMMITTEE UPON ANY QUESTIONS ARISING UNDER THE PLAN OR THIS AWARD.
Dated: _____________ | By: _______________________________________ Name: |